This week we learned a little about the legalities of business. We talked about business structure, licenses, and taxes. I learned that the state where one is starting a business influences the business structure decision. For example, the fees to start an LLC in Idaho are $100 and $350 in Maryland. I think that Idaho is trying to bring more business to the state so they have simplified the process of setting up a business. If I lived in Maryland I would have started a sole proprietorship but Idaho made it easy to form an LLC so I decided to do that. The most important thing I learned this week is how to find the information that I need. Idaho has a business wizard that explains all of the permits, licenses, and forms that I need to start a business. Having everything in one place makes it easier to go through the checklist and start a legal business.
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